The Slovenian-based company is creating a disintermediated alternative to the multi-billion dollar fund management industry.

ICONOMI, a fund management platform for blockchains and cryptocurrencies, announced today that its ICO raised over $10.5 million.

The final total on the record-setting Initial Coin Offering completed on 29 September amounted to $10.58 million invested from 3,498 investors from across the world, and exceeded an earlier tally of $5.8 million, as reported by Finance Magnates on 27 September.

‘ICN’ tokens will be issued to all investors on 9 October, 2016, ten days after the close of the ICO.

During the ICO, five different currencies were accepted, including digital currencies for Bitcoin, Ethereum and Lisk, as well as US dollars and euros in fiat. In total, 6,901.277 BTC, 199,205.8296 ETH, 3,995,992,5646 LSK, $121,513.00 USD and €2,338,578.91 EUR were invested into the platform during the ICO.

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Future Plans

The company has outlined plans to use the money raised to rapidly accelerate development, starting with additional hiring, investment in new offices space, and the development of two funds publicised during the ICO.

Jani Valjavec, co-founder of ICONOMI, commented: “We have a very tight timeline to follow. All our energy is focused on the development of both funds. ICONOMI.INDEX is already up, but we are in the process of transforming the first major index of cryptocurrencies into a formal fund that investors can buy into. To achieve this, the vital functions of the fund management platform must be further developed.”

ICONOMI’s first actively managed fund is intended to seek high yields, even when viewed in the context of the high-performing cryptocurrency space.

Co-founder Tim Mitja Zagar explained that ICONOMI.PERFORMANCE will be all about actively looking for great investments and that the team behind the fund is hard at work conducting thorough research and due diligence on cryptos, having already identified promising investment targets.

ICONOMI will invest all excess ICO proceeds beyond 10,000 BTC into the ICONOMI.PERFORMANCE fund with any profits accumulated supplementing the overall value of ICONOMI. In addition, individual investors will benefit from the fund’s management fees, which are to be paid out in the form of weekly dividends.

Mainstream Interest

The record total from ICONOMI’s ICO has brought mainstream interest into cryptocurrency investing and has opened the crowdfunding doors into the financial sector with more and more fintech startups expected to be capitalised by ICO rather than through guidance by banks, VCs and other money representing the old economy.